CONTRACT OF PARTNERSHIP
- 580. Definition of contract of partnership
(1) In a contract of partnership, two or more persons (partners) undertake to act to achieve a mutual objective and to help to achieve the objective in the manner established by the contract, above all by making contributions.
(2) Partners are required to protect the partnership from loss and to consider the interests of the other partners.
- 581. Contributions
(1) The contribution made by a partner may be any manner of promotion of a mutual objective, including the transfer of assets to the partnership, grant of the use of assets to the partnership or provision of services to the partnership.
(2) The contributions of all partners are presumed to be equal.
(3) When contributions are made, the provisions relating to lease contracts apply to the transfer of risk of accidental loss of or damage to objects and to liability for any defects of objects if a partner grants the use of an object to the partnership, and the provisions relating to contracts of sale apply thereto if a partner transfers an object to the partnership.
(4) A partner is not required to increase an already agreed upon contribution or to make additional contributions.